FXstreet.com (Barcelona) - The Euro is gaining some of the ground lost last week. Mohammed Ishah, technical analyst at FXTechstrategy, affirms: Having experienced a sustained two-week decline to a low of 1.5360 the past week, EUR opened the week higher yesterday turning ahead of its Mar 24'08 low at 1.5341 to close Monday session at 1.5504.A follow-through to the upside was seen in early trading today suggesting more recovery higher towards the 1.5626/00 zone.

On the downside, according to Ishah, the levels stand as follows: The 1.5510 level, its April 03'08 low comes in as the initial support ahead of the 1.5341 level, its Mar 24'08 low where an invalidation could accelerate further weakness towards its .50 Ret (1.4309-1.6018 high) at 1.5150.On the whole, while its present recovery is in order following its recent decline, such recovery is seen as correction of its short term downtrend.